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Global Entrepreneurship Week Day 2 – A Bank run by Young People, for Young People

SAMSUNG CSCDay 2 of Global Entrepreneurship Week started off at Mount Carmel Catholic College for Girls where a group of young MyBnkers opened up their youth-led bank to the other students today!

The MyBnk-in-a-Box programme trains up a group of young people called MyBnkers to run a bank within their school, helping fellow students to save their money and give out interest-free loans for enterprise ideas. Mount Carmel’s bank opens every Tuesday and hundreds of pupils come to deposit their money into the bank weekly, the biggest saver today banked £15!

The girls set to work helping their peers deposit their money, keeping track of how much each individual had saved and helping newer students open their own accounts up to start their saving journey.

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“I wanted to become a MyBnker because I didn’t know much about money before, I didn’t know how to save so I thought this could help me learn more for my future. This is a really good opportunity to learn about money and I really enjoy it, I like looking after all of the accounts. I think it’s important for young people to have an experience with money because it will help them to budget when they are older, it’s important to use your money for good and not bad.” Kelsey, 13, Mount Carmel MyBnker.

Running their own bank teaches the students about enterprise and how to run their own businesses for when they are older, it teaches them the importance of customer service and doing it for real, learning how to take care of money and helping out people in the best way possible.

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“I spend money a lot so if I use MyBnk it will help me save instead of spending it all, I save once a week and I think it’s a really great idea, it’ll help people to stop spending so much.” Jordan, 13, young saver.

“For the students to be involved in MyBnk it gives them a chance to apply maths skills to develop their financial awareness and allows them to develop money management skills. The savers look up to the MyBnkers and see them as role models, they want to become MyBnkers when they are older because of them.” Garfield, Mount Carmel Maths Teacher

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